Cyprus house prices continue to rise for fifth consecutive quarter

Cyprus house prices continue to rise for fifth consecutive quarter

In a recent preliminary estimate released by Cyprus's state statistical service, it has been revealed that the Housing Price Index (HPI) in Cyprus has witnessed a significant increase of 5.9 percent during the first quarter of 2023 when compared to the same period in 2022.

This substantial surge in property prices suggests a strong and consistent upward trend in the housing market, marking the fifth consecutive quarter of growth.

The Housing Price Index for the first quarter of 2023 has been calculated at 110.14 units, using 2015 as the base year. This figure reflects a noteworthy surge in property prices, indicating a thriving real estate market in Cyprus.

The continuous growth in the HPI signifies that for the fifth consecutive quarter, the Index has recorded an increase on an annual basis. The last decline in the Index was observed in the fourth quarter of 2021, where it experienced a 5.2 percent decrease. However, since then, the trend has shifted, and the housing market has been experiencing consistent growth. Furthermore, when compared to the fourth quarter of 2022, the HPI exhibited a notable increase of 2 percent. This suggests that the positive momentum in the housing market has carried over into the first quarter of 2023, with prices continuing to rise. It is worth noting that the fourth quarter of 2022 saw a decrease of 4 percent in the HPI when compared to the third quarter of the same year.

This decline might have been a temporary setback, as the subsequent quarter has witnessed a rebound in prices, indicating a resilient and dynamic housing market. Based on these trends, it can be speculated that the housing market in Cyprus is currently in a phase of recovery and growth.

The consecutive quarters of increasing property prices suggest a strong demand for housing and a favorable market environment. Factors such as low interest rates, improved economic conditions, and increased investor confidence could be contributing to the positive trajectory of the housing market.

However, it is important to consider that these observations are based on preliminary estimates and may be subject to revisions. Additionally, various other factors such as government policies, changes in supply and demand dynamics, and global economic conditions can influence the future direction of the housing market in Cyprus.

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